The general contractor who built the ultraluxury Four Seasons Hotel and Private Residences filed suit against the developer of the downtown Seattle project this week, seeking $24 million it says it's still owed for work on the tower.
In the lawsuit filed Tuesday in King County Superior Court, Lease Crutcher Lewis said it effectively loaned money to developer Seattle Hotel Group (SHG) starting in September 2008 to finish the 21-story project when funding ran short.
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Friday, April 9, 2010
Dell’s Four Seasons Maui Loan Transferred to Servicer
April 7 (Bloomberg) -- A loan on the Four Seasons Resort Maui, a luxury hotel owned by Dell Inc. founder Michael Dell and his family, was transferred to a special servicer after the borrower defaulted, according to Fitch Ratings.
The loan has a balance of $250 million, Fitch said today. The Dell family’s private investment firm, MSD Capital LP, bought the 380-room property in Wailea, Hawaii, in June 2004 for $280 million, according to Realpoint LLC. The loan has been on a watchlist for default because of declining cash flows, Horsham, Pennsylvania-based Realpoint said in March.
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The loan has a balance of $250 million, Fitch said today. The Dell family’s private investment firm, MSD Capital LP, bought the 380-room property in Wailea, Hawaii, in June 2004 for $280 million, according to Realpoint LLC. The loan has been on a watchlist for default because of declining cash flows, Horsham, Pennsylvania-based Realpoint said in March.
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Hilton Worldwide Completes Restructuring of Existing Debt
MCLEAN, Va., April 8, 2010– Hilton Worldwide announced today that it has completed a restructuring of substantially all of its existing debt. The restructuring extends the maturity of this debt until November 2015 and reduces the company's total debt by nearly $4 billion. The transaction was effected through the purchase and retirement of $1.8 billion of debt and the conversion of $2.1 billion of junior mezzanine debt to preferred equity.
This debt restructuring is another important step forward for the company, and I would like to thank all of our lenders as well as our investors, led by Blackstone, for their tremendous efforts in completing this transaction," said Christopher J. Nassetta, President & Chief Executive Officer, Hilton Worldwide. "Together with several recent achievements, Hilton Worldwide is positioned very well to capitalize on the recovery in the hospitality industry."
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This debt restructuring is another important step forward for the company, and I would like to thank all of our lenders as well as our investors, led by Blackstone, for their tremendous efforts in completing this transaction," said Christopher J. Nassetta, President & Chief Executive Officer, Hilton Worldwide. "Together with several recent achievements, Hilton Worldwide is positioned very well to capitalize on the recovery in the hospitality industry."
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